Solana’s SOL SOL dropped 7.87% to $147.07 over the past 24 hours, as traders reacted to renewed volatility across crypto markets. After opening at $159.60, SOL fell sharply during late Thursday and early Friday trading, reaching a low of $142.13 before stabilizing above the $147 mark. Key intraday volume spikes suggest some accumulation near support, but the overall structure remains fragile as the token trades nearly 40% below its March highs.
The short-term weakness puts added focus on a late-May price target from Standard Chartered’s Global Research team. In a May 27 note initiating formal coverage of SOL, the bank forecast that Solana would rise to $275 by year-end, with a long-term target of $500 by 2029. The report cited Solana’s speed and efficiency as core differentiators but acknowledged that much of its recent meme-coin-driven activity remains heavily discounted by the market.
The growing gap between that bullish outlook and current market conditions illustrates the core dilemma facing long-term SOL investors: whether to treat recent drawdowns as temporary noise or as fundamental rejection of the growth narrative. While Standard Chartered expected solana to underperform ether in the near term, it positioned the token as a high-beta bet on retail-driven ecosystems that could re-rate sharply if adoption expands beyond memecoins.
For now, price action remains choppy, with buyers stepping in near $143 but meeting resistance near $150. Whether SOL can regain upside traction in time to validate even a portion of the year-end forecast may depend on broader macro stabilization and renewed on-chain activity in the coming weeks.
Technical Analysis Highlights
- SOL dropped 11.87% intraday, from $160.49 to a low of $142.13.
- Intense selling occurred between 23:00–01:00 UTC before price stabilized.
- A tight consolidation range formed between $143.50–$146.50.
- Higher lows since 02:00 suggest possible bullish divergence.
- Volume peaked at 13:31 (31.8K SOL) and 13:39 (43.4K SOL) as buyers defended support.
- Resistance sits at $152; a break above could shift short-term trend.
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